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Synopsis
Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets.
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About the Author
Professor of Economics at Tel Aviv University and University College London
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Bounded Rationality and Industrial Organization
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Oxford University Press, 2014
ISBN 10: 0199334269
ISBN 13: 9780199334261
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Condition: good. This is a pre-loved book that shows moderate signs of wear from previous reading. You may notice creases, edge wear, or a cracked spine, but it remains in solid, readable condition. Please note: -May include library or rental stickers, stamps, or markings. -Supplemental materials e.g., CDs, access codes, inserts are not guaranteed. -Box sets may not come with the original outer box. If it does, the box will not be in perfect condition. Your satisfaction is our top priority! If you have any questions or concerns about your order, please don't hesitate to reach out. Thank you for shopping with us and supporting small businessâ"happy reading! Seller Inventory # STM.7PS
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Bounded Rationality and Industrial Organization
Published by
Oxford University Press, 2014
ISBN 10: 0199334269
ISBN 13: 9780199334261
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Bounded Rationality and Industrial Organization
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ISBN 10: 0199334269
ISBN 13: 9780199334261
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Paperback. Condition: New. Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets.Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants. Seller Inventory # LU-9780199334261
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Bounded Rationality and Industrial Organization
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ISBN 13: 9780199334261
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Bounded Rationality and Industrial Organization (eng)
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Bounded Rationality and Industrial Organization
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ISBN 13: 9780199334261
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